Although Moody's has had a positive outlook on JBS since 2009, the company's debt-constrained cash flow has kept its rating at B1.

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The deal visibly improved its cash flow and balance sheet, lifting its credit rating and helping reduce borrowing costs.

CNN: SELLING THE COMPANY CASTLE

Fitch said Nokia needs to stabilize revenues and be capable of generating low-single digit non-IFRS operating profit margins and positive pre-dividend free cash flow, if it is to affirm the current rating.

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Its A-minus rating just makes investment grade, but Aetna is a huge generator of free cash flow.

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Nahanni is one of scores of similar transactions Enron executives allegedly used to disguise the growing gap between reported earnings and cash flow in the late 1990s which, if disclosed, would have threatened its investment-grade bond rating.

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